Is a second credit card advisable?

[Deleted User]

Hi people!

A quick question just to boost my knowledge mainly, and to answer a question that is playing on my mind.

I’ve had a second credit card offer, from my bank, an actual reward credit card rather than a basic point and shoot, spending day to day credit card.

Now, Is it worth me having two credit cards? Or is it going to adversely affect me? I mean I’ll be paying both on time in full, anyway..or will it positively impact me?

I think it’s best I ask the question first, before making any decisions.

I assume I’m going to receive questions like ‘why do I need a second’ etc? The honest answer is, I don’t, but if it helps me gain more credit history, then that’s a good benefit.
Thankyou.

[Deleted User]

If you successfully run one credit card which you always clear, and have a sufficiently positive relationship with your own bank for then to be offering you good deals, then I wouldn't worry oo much about needing to improve your credit history. Why dont you open the new card and close down the first one?

Vortigern

It's useful to have a spare card or two, in case of problems with your 'main' card.

Keep the old card. Some say long term relationships with your banks are good for your credit history.

Are the 'rewards' worth having, or is there another benefit that might suit you better? - like cashback or free foreign use.

A4445

I wouldn’t worry I’ve got about 10 and it’s not an issue :rotfl:

MallyGirl

I would keep both but then one of mine is Amex. I have had more than one instance when travelling where one card wasn't working but the other did - I had one Visa and one MasterCard to cover the options.

JGB1955

I've always had at least one Visa and one Mastercard (and the odd Amex too). Good to keep your options open - at one point there were places that wouldn't accept one or two of them. Traveling around New Zealand and discovering that one of your cards was no longer usable just meant we just used the next one in the wallet....

[Deleted User]

A lot of answers to reply to here.

The new card offers me a better limit too,
The reward account is also offering me cash back on purchase, 0% lending for a 3 month period, and purchase abroad.

Yes my Barclaycard is Visa, and the other bank is going to be a mastercard, a few people have said it’s good to have the visa and master.

[Deleted User]

Who is it with?

What’s the rewards rate?
Cashback or points?

[Deleted User]

It’s with Halifax bank, it’s a reward card (offers cash back amongst a few other little bits).

17%

[Deleted User]

I would take it.
Keep any other cards you have and split your monthly spending between both and pay them both off in full each month

Willing2Learn

I also have multiple cards. It is good to have lots of options. As stated above, just split your normal monthly budgeted transactions across both cards. That way you build up a history of positive credit account management on your credit files.